Also called: B/L, BOL
What it means
The carrier or their agent issues the B/L when goods are received or, for an on-board bill, when they are loaded. “To order” bills can be endorsed. Straight (named consignee) bills behave differently for title. Sea waybills are not the same instrument: they are typically non-negotiable.
Why names on the B/L have to match the credit
Under many letters of credit the seller cannot get paid without a compliant B/L. Under many sale contracts the buyer cannot collect the cargo without an original. A typo in the shipper, consignee, notify party, or description can hold both payment and delivery.
FOB, CFR and CIF files often assume an on-board marine bill. If the actual logistics are container hand-over at a terminal, the parties may need FCA plus an arrangement for an on-board bill, rather than pretending FOB happened.
What it covers
Identity of shipper, consignee, vessel and ports as issued; apparent order and condition as claused or clean; quantity as stated (often “said to contain” for packed cargo). The contract of carriage terms on the reverse or by reference.
What it does not cover
Hidden quality defects. Accuracy of the commercial invoice amounts. Origin. Sanctions status of the parties. Insurance, except where a clause mentions it.
Common mistakes
Names that do not match the LC. Switching from FOB to CIF without changing who must obtain the B/L. Telex release versus originals when the LC demanded originals. Claused bills when the credit required clean on-board.
TTC uses these terms in its RFQ and transaction process. Nothing on this page is a licence, a certification, a guarantee of clearance, or a substitute for the documents and clauses of a specific contract.